Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) said drilling at the Xarxar prospect in Azerbaijan has confirmed a significant quantity of copper mineralisation that will be included in a forthcoming resource estimate for the deposit.
Surface drill holes intercepted significant high-grade and continuous grades of copper mineralisation, with intercepts of continuous copper for up to 380 metres, said the statement.
A JORC-compliant resource will be published by the end of March 2024 after which further infill and extension drilling is planned alongside mine development work.
Stephen Westhead, a vice president of Anglo Asian, commented: "We are delighted to announce the findings of our recent drilling campaign at Xarxar, confirming internal estimates regarding the presence of significant quantities of copper at the deposit.
“This reaffirms the potential size of the mineral deposit that can be brought into production.
"As we complete the next phase of drilling and testwork, we remain enthusiastic regarding the project's prospects and are in the latter stages of determining how best to bring the deposit into production, as well as identifying other nearby exploration opportunities."